How to Get the Record Deal You Want
In the last few weeks, I have covered a handful of topics to explain how record deals work in the modern music industry. But let’s say you’ve read those articles already & have decided to pursue a record deal as your long term or short term goal.
Now you’re wondering - “how do I get the record deal I want?”
Thanks to Henry Love for the artwork!
There are four crucial things to consider when going about securing a record deal. First and foremost, you must:
Understand the options available
The first step to getting the correct record deal is understanding the options available. My article last week, 5 Types of Record Deals, touches on a variety of options. But, there is never a one-size-fits-all solution. Each of us has different goals and requires various resources & connections to achieve them.
To figure out which option is the best fit...
Set your goals & work backward
I strongly recommend taking the time to sit down and contemplate the below questions in this specific order.
What is your 10-year plan?
What is your 5-year plan?
What is your 3-year plan?
What is your 1-year plan?
Working backward allows you to understand your own goals more efficiently and what it will take to achieve them.
Is your long-term goal to be a self-sufficient artist? Then maybe working to build an in-house team & ink a distribution deal is the best way to spend your time.
Is your goal to become the future Drake-equivalent? Then maybe you should be open to signing a long-term major label deal or 360 deal with some prominent organizations that are familiar working with that caliber of artist.
It is different for everyone. And that’s why it’s essential to...
Be Transparent
Nobody enjoys being ‘led on.’ Working to be transparent to yourself, your team & any external stakeholders helps make sure you’re fostering healthy relationships in the music industry. If you’re seeking out something less restrictive, or you’re uncomfortable parting with your masters - make sure to tell the A&R or anyone you’re negotiating with early on. Being transparent with these external stakeholders also pressures them to be equally transparent. Force their hand and encourage them to be similarly open during negotiations.
Prioritizing transparency with your team is also important. Your management, agent, graphic designer, etc. effectively work for you. And making sure they understand your goals helps them help you. It also ensures that the team you curate is meeting your needs. Nothing causes a more considerable headache than when everyone on the team is working towards different goals.
So how do you combine all of these components into a successful record deal? By...
Building Leverage
Leverage is a necessity when negotiating a record deal. Leverage is having something that works to your advantage. If you’re an artist with an established fanbase who is willing to listen to your music, engage with your content & purchase merchandise or tour tickets prior to signing a record deal - you have leverage. On the other hand, if you haven’t released your first full-length project yet, you probably have less leverage.
Leverage is essential because it allows you to dictate your agreement’s terms - at least to a certain extent. Once you understand the deal you want, how it fits into your long term plan & you communicate that to a label representative, you still have to negotiate your deal. And that’s where the leverage comes in. If you’re someone that has potential to be a high priority for the label team, they are much more likely to make concessions when finalizing the agreement.
So, how do you grow leverage?
Take a step back and look at that 10-year-plan. Maybe you want to be the most prominent artist in the world, but you have yet to release music as of today.
In your 10-year plan, target the long term goal that you want to achieve.
In your 5-year plan, look for the first major-label deal & understand how you might best utilize the growth resources.
In your 3-year plan, establish your team & work to put together a distribution deal that allows you to retain your masters’ ownership while expanding your resources & receiving a small advance.
In your 1-year plan, work to establish a consistent voice & brand, build a back catalogue & work on growing your social media. In your
This is just one example, but I recommend approaching the process in this way. By organizing your thoughts and putting them down on paper, you have the ability to make tweaks & adjustments, but never lose sight of your end goal.
As a reminder, there is no one-size-fits-all solution for artists looking for success. Do what feels best to you and your team, and remember to always consult a qualified entertainment attorney before signing any paperwork.
